C1C2Part 1Special Resolution Regime
Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2
F2Chapter 3 Special resolution action
Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7
Treasury
I176International obligation notice: general
1
The Bank of England may not exercise F3the power to make a resolution administrator appointment instrument or a mandatory reduction instrument or a stabilisation power in respect of a bank if the Treasury notify the Bank that the exercise would be likely to contravene an international obligation of the United Kingdom.
2
A notice under subsection (1)—
a
must be in writing, and
b
may be withdrawn (generally, partially or conditionally).
3
If the Treasury give a notice under subsection (1) the Bank of England must consider other exercises of F1the power to make a resolution administrator appointment instrument or a mandatory reduction instrument or the stabilisation powers with a view to—
a
pursuing the special resolution objectives, and
b
avoiding the objections on which the Treasury's notice was based.
4
The Treasury may by notice to the Bank of England disapply subsection (3) in respect of a bank; and a notice may be revoked by further notice.
F45
“Resolution administrator appointment instrument” means an instrument under section 62B(2)(a).
Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2